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USD/CAD Outlook: More Potential Downside

Published 04/13/2022, 09:52 PM
Updated 09/05/2024, 01:09 AM
USD/CAD
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DX
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Wednesday, USD/CAD saw the 200 day MA and the 100 hour MA broken, helped by the 50BP hike by the BOC and a lower USD.

The break saw increased selling momentum with the price moving down to test the 200 hour MA at 1.2557. USD/CAD reached the 1.2555 low before bouncing back above the 38.2% level that it broke on the Apr. 5 low (the high reached 1.2573), but has since rotated back to retest the 200 hour MA.

A move below that MA would now be eyed for increased downside momentum, with the swing low from Monday at 1.2550 and then the 50% retracement at 1.25387 as targets.USD/CAD Trend Analysis

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